Cash to spend

Finweek English Edition - - MARKETPLACE - ed­i­to­rial@fin­week.co.za *The writer holds shares in Calgro M3, Curro, PSG and San­tova.

PSG* re­sults are fairly well known ahead of their re­lease as just over 80% of prof­its come from other listed stocks that have al­ready re­leased re­sults. This leaves one ques­tion, what does it plan to do with the al­most R3bn in cash it holds af­ter a R2.2bn book­build (at R245 per share) in De­cem­ber? About R500m will go to the Curro* rights is­sue, but the rest? It’s a fairly gi­ant pile burn­ing a hole in PSG’s pocket and I can’t see the com­pany sit­ting idly on the money.

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